Leading Financial Software Firm SunGard Files for IPO

SunGard Data Systems, Inc, one of the world's leading providers of financial software solutions, filed a registration statement with US regulators relating to a proposed initial public offering of its common stock. SunGard's IPO comes after 10 years in private equity.

The company hired JP Morgan, Barclays and Goldman Sachs to underwrite the IPO that has an approximate value of up to $10 billion, including debts. Back in 2005, SunGard was bought by 7 investor companies - KKR & Co LP, Providence Equity Partners, Goldman Sachs Capital Partners LP, Blackstone Group LP, Bain Capital LLC, TPG Capital LP, and Silver Lake Partners LP, for $11.4 billion.

The company has yet to reveal the number of shares for the IPO.

President and chief executive officer Russ Fadin earlier expressed satisfaction SunGard's three consecutive quarters' turnout. Finextra reported SunGard's 6% revenue growth in the first quarter. Fadin sees a continuous growth for the company through new products delivered globally.

The company also recently announced two new utility offerings that include derivatives processing and US mutual fund transfer utility.

Aside from going public, SunGard likewise announced its expansion in Nairobi, Kenya. The new business location will service existing customers in neighboring Tanzania and Uganda. Its office in Nairobi will be the its fourth hub in Africa that currently supports over 140 customers in the region.

Fred Manthe, Sungard Managing Director in East Africa says "With East Africa's sizeable and strong developing financial services market, there is an increasing need for sound market regulation and compliance. As we focus on the region's positive economic growth and expanding client network, we are very excited about our strategic investment in East Africa and look forward to offering our customers a more efficient, competitive and industry aligned solutions and service delivery."

SunGard is one of the leading financial software companies, with annual revenue of $2.8 billion.